Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a target price range of 49-59 CNY per share [4][3]. Core Viewpoints - The company is a leading full-chain B2B foreign trade service provider, benefiting from the increasing demand for overseas expansion among enterprises, which leads to a continuous influx of customers [3][2]. - The company has launched AI tools that enhance operational efficiency and contribute to revenue growth, with significant revenue increases from AI applications [3][21]. - The overall revenue for 2024 is projected to be 1.668 billion CNY, representing a year-on-year growth of 9.31%, while the net profit is expected to reach 451 million CNY, up 19.09% year-on-year [1][3]. Summary by Sections Company Overview - The company, established in 1996, primarily operates the "Made-in-China.com" platform, providing comprehensive B2B foreign trade services [11][13]. - The company has introduced AI applications to enhance its service offerings, with the AI tool "Mai Ke" contributing significantly to revenue [11][21]. Financial Analysis - The company has shown a steady increase in revenue and net profit over the past three years, with a compound annual growth rate (CAGR) of 22.55% for net profit [1][16]. - The gross margin for 2024 is projected at 80.29%, reflecting a year-on-year increase, while operating cash flow is expected to continue its upward trend [23][26]. Industry Overview - The cross-border B2B e-commerce market is expected to grow at a compound annual growth rate (CAGR) of 21.8% from 2018 to 2022, reaching a market size of 6.1 trillion CNY by 2024 [2][36]. - The increasing number of enterprises engaging in overseas business is creating significant growth opportunities for platforms like the company's [60][36]. Competitive Landscape - The company ranks second in the industry, following Alibaba's international station, with over 20 million registered buyers on its platform [52][50]. - The competitive advantage is further strengthened by the company's early adoption of AI technologies, which enhance service efficiency and customer retention [3][47].